This whole thread is full of gems from the founder of a famous holding company called Red Ventures.
One of my favorites is the last line here on feedback:
Remind everyone that he is focused on the problem not the person. Then dig in.
When leading a team, I find myself reminding my team of two things:
Direct your teamās attention to a mutually desired outcome.
Remind people that youāre in the same boat, rowing in the same direction.
Once people know they are on the same team, with the same goals, then you can provide clear candid feedback without creating interpersonal conflict.
If you forget to set the stage and remind people of your mutual goals, people may take the feedback personally.
So as a leader, donāt skip the first step. Practice setting the appropriate stage for your feedback.
One more note on feedback. Tell people theyāre awesome or that theyāre doing a great job. They deserve it, and it builds loyalty.
Try it out today whether youāre a leader or not. Tell someone they did a great job at something specific. ā¤ļø
Matt runs a successful business called Clutter Cleaners and has been featured on Hoarders, but 20-years ago he was broke and just starting his service business.
His quote here makes me thinks of a line I think a lot about:
āPeople overestimate what they can achieve in a year, and underestimate what they can achieve over 10-yearsā
When I ran my first company I felt like I was on a hamster wheel, running as fast as I could but never moving fast enough. At the time I did all my business planning in 1-2 year increments. Now I do all my planning in blocks of 10 years, and life is markedly better.
Thinking long-term is an incredible life hack.
It removes a lot of stress from my life because no single bad day can hurt my mood. I know that Iām in it for a long time, and small bumps in the road are just part of the journey.
It also changes how I think about wealth and money. Iām not in a rush to be rich quickā¦
I also spend money more thoughtfully knowing that there is no āGet Rich Quickā in my future. I need enough āgas in my tankā to get to my 10-year mark, so I naturally conserve.
Takeaway - make big 10-year goals for yourself, and take one step towards your goal every day.
Side note, Matt has a lovely Twitter page. He shares humbling, and embarrassing stories of himself growing up, and pictures of cool items he finds while cleaning clutter. He shares a picture of an event he hosts where nobody shows up - itās a nice reminder that nobody becomes successful all at once. Itās a hard and lonely journey.
Quick side note: Iām looking for a new TV show to watch. Reply to this email to tell me what youāre watching - Iād love to know š
One manās trash is another manās treasure
My friend runs a business that charges large companies to take their e-waste (computers, servers, old phones). Then he refurbishes the products and sells them, keeping all the profits. Itās an incredible business.
On this note, hereās a business I saw for sale last week.
Lighting Recycling Firm
And some basic financials
I asked my friend to provide some feedback on this business. Here are a few of his thoughts:
Generally, waste management businesses can be lucrative.
I would focus 100% on the supply chain. Where are they sourcing from, and how diverse is it? Avoid any company that has more than 20% of their products coming from one source.
Second, who are they selling to downstream? How stable have the prices of those components and commodities been for the last 10 years?
This is seemingly a good deal for an owner-operator to buy a business with SBA.
Things I like about this deal
Things I would research in this deal
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Have a glorious week,
~ Sieva
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